Cracking The Real Estate Secret
Ladies and gentlemen: This is not your mother or father's real estate market! While there are several similarities to past markets, the mixture of politics, economics, finance, uncertainty, world affairs/events, interest rates, and lack of predictability, have formed a somewhat-uneasy alliance, which, when understood and considered, have little ultimate impact, yet, all-too-often, produce a confluence of somewhat undesirable circumstances, which create stumbling blocks, obstacles, and obstructions. Perhaps a lot more than ever, who you decide on, and why, to represent your interests, as your Real Estate Professional, features a major impact, in reaching the most desirable goals. Before you select this interview, carefully consider your objectives and goals, in a realistic, non-emotional manner. Rather than merely saying you intend to get the highest price, or some pie-in-the-sky number, think about, what you may be willing to pay for, to purchase your property! Your realtor should provide you with Comparables, or what similar houses, in your market, have recently sold for. This is the best indication of suggested listing prices, but remember that each house differs, and slight differences often overly impact what a buyer is welling to cover, or if he is even interested. Let's review 5 major considerations in the current market.
1. Time period interest rates have been at, or near historic lows: The past several years, interest rates, and thus mortgages, have already been at or near, historic lows. It has permitted people to purchase more house for the same monthly payment, yet the uncertainty continues to exist, concerning just how much longer they will remain so low. Most experts are calling for interest rates to nudge slightly upward within the next several months, however they issue the caveat, it depends on the overall economic conditions.
2. Historically low ownership rate: Because of several factors, including the economy, housing costs (especially using areas), rental availabilities, the necessary downpayment (which many don't have, or don't desire to commit), and uncertainty, when it comes to the economy, jobs, etc, the percentage of people owning their very own home is below it has been in decades.
3. Low inventory: Partly due to the demographics, in terms of age groups, etc, and somewhat because many homeowners ask themselves where they will move, along with many individuals retiring later, we're witnessing, in lots of regions, a low inventory of homes listed on the market.
4. Willing and able buyers: There seem to be available buyers, in certain regions, but these individuals, tend to be aggravated by the mixture of low inventory, mortgage and downpayment obstacles, uncertainties, etc.
5. Mortgage qualifications: Banks and mortgage companies are constantly tweaking their requirements for accepting buyers for mortgage consideration. Within the last several years, to be able to qualify for the lowest available rate, one's credit score should be somewhat greater than before, as well as other debt considerations. While this can be overcome, one must find the right buyer, with sufficient patience, energy and willingness, to overcome potential frustrations, etc.
Understanding the nuances makes one better capable of realistically listing their property for sale. Carefully interview potential real-estate agents, and choose the main one who's best for you!
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